To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Heyworth home prices have performed since 2008.
Heyworth historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
47
$126,500
$148,005
-
2009
50
$123,750
$144,787.50
-2.2%
2010
46
$123,950
$141,303
-2.4%
2011
31
$120,000
$135,600
-4%
2012
47
$112,000
$122,080
-10%
2013
53
$120,000
$129,600
6.2%
2014
46
$122,450
$129,797
0.2%
2015
51
$139,500
$147,870
13.9%
2016
47
$140,000
$147,000
-0.6%
2017
39
$145,000
$147,900
0.6%
2018
18
$122,750
$122,750
-17%
Total change in price
-17.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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